BSE: 505978 | NSE: | Auto Ancillary | Small Cap
Past 10 year’s financial track record analysis by Moneyworks4me indicates that Triton Valves Ltd is a below average quality company.
The key valuation ratios of Triton Valves Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Triton Valves Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 15.9% | 12.9% | 13.5% | 11.2% | 7.4% | 9.3% | 10.8% | 5.8% | 2.1% | 9.3% | - |
| Value Creation Index ⓘ | 0.1 | -0.1 | 0.0 | -0.2 | -0.5 | -0.3 | -0.2 | -0.6 | -0.9 | -0.3 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||||||||
| Sales ⓘ | 170 | 165 | 187 | 221 | 243 | 214 | 233 | 295 | 323 | 343 | 358 |
| Sales YoY Gr. | - | -2.4% | 13% | 18.2% | 9.9% | -11.9% | 9.3% | 26.3% | 9.6% | 6.2% | - |
| Adj EPS ⓘ | 73.2 | 73 | 87.1 | 63.9 | 35.7 | 48.7 | 83.4 | 16.3 | -20.9 | 62.8 | 56.1 |
| YoY Gr. | - | -0.2% | 19.3% | -26.6% | -44.1% | 36.2% | 71.4% | -80.5% | -228.2% | NA | - |
| BVPS (₹) ⓘ | 520.8 | 576.8 | 664.9 | 713.9 | 730.9 | 749.9 | 841.4 | 838.8 | 812.3 | 977.7 | 1,017.4 |
| Adj Net Profit ⓘ | 7.2 | 7.2 | 8.6 | 6.3 | 3.5 | 5 | 8.6 | 1.7 | -2.2 | 7.4 | 7 |
| Cash Flow from Ops. ⓘ | 20.9 | 12.8 | 23.1 | 18.3 | 15.5 | 28.8 | 1.8 | -6.1 | -5.4 | 4.3 | - |
| Debt/CF from Ops. ⓘ | 2.3 | 4.4 | 2.4 | 3 | 3.5 | 1.5 | 35 | -11.7 | -15 | 19.2 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 8.2% | 7.2% | 13.7% | 6.2% | ||||
| Adj EPS ⓘ | -1.7% | 11.9% | -9% | NA | ||||
| BVPSⓘ | 7.3% | 6% | 5.1% | 20.4% | ||||
| Share Price | 17.3% | 42.9% | 53.4% | 253.6% | ||||
Performance Ratio Colour Code Guide ⓘ
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 14.6 | 13.3 | 14 | 9.3 | 5 | 6.7 | 10.5 | 1.9 | -2.5 | 7.3 | 5.6 |
| Op. Profit Mgn % ⓘ | 14.2 | 13.1 | 13.5 | 10.7 | 8 | 10.3 | 9.5 | 4.8 | 2 | 5.3 | 4.5 |
| Net Profit Mgn % ⓘ | 4.3 | 4.4 | 4.6 | 2.9 | 1.5 | 2.4 | 3.7 | 0.6 | -0.7 | 2.2 | 1.9 |
| Debt to Equity ⓘ | 0.9 | 1 | 0.8 | 0.8 | 0.8 | 0.6 | 0.7 | 0.8 | 1 | 0.7 | 0.1 |
| Working Cap Days ⓘ | 123 | 129 | 119 | 125 | 123 | 142 | 161 | 169 | 178 | 171 | 70 |
| Cash Conv. Cycle ⓘ | 86 | 95 | 86 | 77 | 75 | 75 | 61 | 55 | 55 | 52 | 9 |
Return on Equity has increased versus last 3 years average to 5.60%
Sales growth is growing at healthy rate in last 3 years 13.71%
Debt to equity has declined versus last 3 years average to 0.72
Sales growth is good in last 4 quarters at 15.70%
Net Profit has been subdued in last 3 years -9.03%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 56.1 | 43.1 |
| TTM Sales (₹ Cr.) | 358 | 444 |
| BVPS (₹.) ⓘ | 1,017.4 | 878.3 |
| Reserves (₹ Cr.) ⓘ | 121 | 104 |
| P/BV ⓘ | 5.15 | 5.97 |
| PE ⓘ | 93.43 | 121.54 |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 1450.00 / 5574.50 |
| All Time Low / High (₹) | 93.67 / 5574.50 |
| Market Cap (₹ Cr.) | 629 |
| Equity (₹ Cr.) | 1.2 |
| Face Value (₹) | 10 |
| Industry PE ⓘ | 50.3 |
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 170 | 165 | 187 | 221 | 243 | 214 | 233 | 295 | 323 | 343 |
| Operating Expenses ⓘ | 145 | 144 | 163 | 198 | 223 | 192 | 211 | 281 | 317 | 326 |
| Manufacturing Costs | 15 | 15 | 16 | 18 | 17 | 15 | 31 | 39 | 38 | 42 |
| Material Costs | 104 | 98 | 109 | 137 | 165 | 135 | 155 | 215 | 249 | 250 |
| Employee Cost | 19 | 22 | 26 | 29 | 30 | 29 | 20 | 21 | 22 | 22 |
| Other Costs ⓘ | 7 | 9 | 13 | 14 | 12 | 12 | 5 | 5 | 7 | 12 |
| Operating Profit ⓘ | 24 | 21 | 24 | 22 | 19 | 22 | 22 | 14 | 6 | 17 |
| Operating Profit Margin (%) | 14.2% | 12.9% | 12.6% | 10.1% | 8.0% | 10.3% | 9.5% | 4.8% | 1.9% | 5.1% |
| Other Income ⓘ | 0 | 0 | 2 | 2 | 1 | 1 | 3 | 5 | 6 | 8 |
| Interest ⓘ | 7 | 5 | 5 | 5 | 5 | 4 | 4 | 6 | 7 | 8 |
| Depreciation ⓘ | 8 | 8 | 10 | 10 | 11 | 11 | 10 | 10 | 9 | 9 |
| Exceptional Items ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax ⓘ | 10 | 9 | 11 | 9 | 4 | 7 | 11 | 3 | -3 | 9 |
| Tax ⓘ | 2 | 2 | 2 | 2 | 1 | 2 | 2 | 1 | -1 | 2 |
| Profit After Tax | 7 | 7 | 9 | 7 | 3 | 5 | 9 | 2 | -2 | 7 |
| PAT Margin (%) | 4.4% | 4.2% | 4.6% | 3.0% | 1.4% | 2.5% | 3.9% | 0.7% | -0.7% | 2.0% |
| Adjusted EPS (₹) | 74.8 | 70.4 | 87.7 | 66.0 | 34.9 | 51.2 | 89.2 | 19.7 | -22.3 | 58.5 |
| Dividend Payout Ratio (%) | 16% | 17% | 17% | 23% | 34% | 29% | 22% | 25% | 0% | 17% |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | ||||||||||
| Shareholders Fund | 52 | 57 | 66 | 71 | 72 | 77 | 87 | 87 | 84 | 116 |
| Share Capital ⓘ | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Reserves ⓘ | 51 | 56 | 65 | 70 | 71 | 76 | 86 | 86 | 83 | 115 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt | 42 | 54 | 51 | 50 | 50 | 41 | 59 | 68 | 77 | 77 |
| Long Term Debt | 5 | 13 | 14 | 15 | 4 | 3 | 15 | 14 | 25 | 15 |
| Short Term Debt | 38 | 41 | 37 | 36 | 46 | 38 | 44 | 54 | 51 | 61 |
| Trade Payables | 10 | 6 | 10 | 23 | 15 | 29 | 35 | 67 | 46 | 39 |
| Others Liabilities ⓘ | 16 | 12 | 12 | 12 | 9 | 9 | 14 | 7 | 17 | 24 |
| Total Liabilities ⓘ | 120 | 130 | 138 | 156 | 147 | 157 | 195 | 228 | 225 | 256 |
Fixed Assets | ||||||||||
| Gross Block | 105 | 117 | 74 | 80 | 94 | 98 | 103 | 106 | 112 | 112 |
| Accumulated Depreciation | 50 | 57 | 10 | 20 | 30 | 41 | 51 | 60 | 68 | 75 |
| Net Fixed Assetsⓘ | 56 | 60 | 64 | 59 | 64 | 57 | 53 | 46 | 44 | 37 |
| CWIP ⓘ | 1 | 3 | 3 | 9 | 3 | 3 | 3 | 4 | 1 | 2 |
| Investmentsⓘ | 0 | 0 | 1 | 1 | 1 | 1 | 2 | 2 | 2 | 4 |
| Inventories | 26 | 24 | 28 | 33 | 29 | 35 | 30 | 47 | 42 | 47 |
| Trade Receivables | 33 | 35 | 31 | 40 | 37 | 35 | 47 | 71 | 52 | 50 |
| Cash Equivalents | 0 | 0 | 1 | 1 | 1 | 6 | 7 | 2 | 1 | 30 |
| Others Assetsⓘ | 5 | 7 | 10 | 13 | 11 | 19 | 54 | 58 | 83 | 85 |
| Total Assets ⓘ | 120 | 130 | 138 | 156 | 147 | 157 | 195 | 228 | 225 | 256 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ | 21 | 13 | 23 | 18 | 16 | 29 | 2 | -6 | -5 | 4 |
| PBT ⓘ | 10 | 9 | 11 | 9 | 4 | 7 | 11 | 3 | -3 | 9 |
| Adjustment ⓘ | 14 | 13 | 13 | 18 | 16 | 16 | 12 | 11 | 10 | 9 |
| Changes in Working Capital ⓘ | -1 | -6 | 2 | -4 | -3 | 9 | -21 | -18 | -11 | -12 |
| Tax Paid ⓘ | -3 | -2 | -3 | -5 | -2 | -3 | 0 | -3 | -1 | -3 |
| Cash Flow From Investing Activity ⓘ | -3 | -15 | -14 | -12 | -8 | -8 | -17 | -2 | 3 | 2 |
| Capex | -3 | -15 | -14 | -12 | -8 | -8 | -4 | -2 | -4 | -2 |
| Net Investments | 0 | 0 | 0 | 0 | 0 | 0 | -14 | -4 | 0 | 0 |
| Others ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 4 | 7 | 4 |
| Cash Flow From Financing Activityⓘ | -18 | 2 | -8 | -6 | -7 | -16 | 14 | 3 | 2 | 23 |
| Net Proceeds from Shares ⓘ | 0 | 0 | 0 | 0 | 0 | 3 | 0 | 1 | 0 | 29 |
| Net Proceeds from Borrowing ⓘ | -8 | 5 | 3 | 1 | -6 | -3 | 12 | -1 | 11 | -8 |
| Interest Paid ⓘ | -7 | -5 | -5 | -5 | -5 | 0 | -4 | -6 | -7 | -8 |
| Dividend Paid ⓘ | -1 | -1 | -1 | -1 | -1 | -3 | 0 | -2 | -1 | 0 |
| Others ⓘ | -2 | 3 | -5 | -1 | 5 | -13 | 6 | 11 | -2 | 10 |
| Net Cash Flow ⓘ | 0 | 0 | 1 | 0 | 0 | 5 | -1 | -5 | 0 | 29 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 14.88 | 12.83 | 14.12 | 9.58 | 4.83 | 7.05 | 11.21 | 2.35 | -2.7 | 6.91 |
| ROCE (%) | 15.9 | 12.89 | 13.51 | 11.2 | 7.38 | 9.3 | 10.81 | 5.81 | 2.14 | 9.31 |
| Asset Turnover Ratio | 1.51 | 1.47 | 1.55 | 1.54 | 1.6 | 1.41 | 1.33 | 1.4 | 1.43 | 1.44 |
| PAT to CFO Conversion(x) | 3 | 1.86 | 2.56 | 2.57 | 5.33 | 5.8 | 0.22 | -3 | N/A | 0.57 | Working Capital Days |
| Receivable Days | 66 | 67 | 58 | 57 | 58 | 61 | 64 | 73 | 69 | 54 |
| Inventory Days | 49 | 49 | 45 | 49 | 47 | 55 | 51 | 47 | 50 | 47 |
| Payable Days | 41 | 31 | 27 | 44 | 42 | 60 | 75 | 86 | 83 | 63 |
Triton Valves Ltd was incorporated in 1976 by M.V. Gokarn. Gokarn was a technocrat entrepreneur with a vision. His vision was to establish world-class manufacturing in India, not just for tyre valves but for a wide range of industrial and automotive products.
Triton was established in technical collaboration with Pingeot Bardin SA a leading manufacturer of automotive tyre valves in France. Critical manufacturing technology was transferred to Triton during the five year collaboration with Pingeot Bardin.
It is India’s largest manufacturer of automotive tyre tube valves, valve cores and accessories. For over three decades they have been developing and manufacturing high precision products to meet the diverse requirements of their customers around the world.
The manufacturing facility of the company was setup on a 14 acre plot in Mysore, 140 km from Bangalore in Southern India. Equipment was imported from Europe and a young dedicated team of engineers was formed.
Commercial production of the company commenced in 1978 with an annual capacity of 3 million valves and 4 million valve cores. Triton quickly established a reputation for its quality and customer service and emerged as a strong player in the tyre valve market in India.
The company plunged into a crisis with the untimely demise of Gokarn in 1986. However the management team rose to the challenge under the leadership of Mrs. Gokarn and soon Triton emerged as the market leader in India.
Today Triton has many significant achievements to its credit. It is the market leader in India with over 60% market share, the first in the industry to acquire the QS 9000 and the ISO/TS 16949 certifications; it has the most modern manufacturing facility in India and is also the fastest growing company in the industry.
Produc range of the company includes:
Clientele:
The company’s reputation for quality, delivery and customer service has earned them the trust of their Original Equipment customers such as Apollo Tyres, Bridgestone India, Ceat Tyres, JK tyres, MRF Tyres, Mahindra & Mahindra, Tata Motors, TVS-Srichakra Tyres and Wheels India.
Milestones:
Achievements/ recognition:
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